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The S&P BSE Sensex surged over 200 points in trade on Wednesday despite muted trend seen in other Asian markets. The rally in the index was led by gains in ICICI Bank, HDFC, ITC, Infosys and Sun Pharma.The 50-share Nifty index managed to reclaim its crucial psychological level of 7850, supported by gains in Pharma, IT, auto, banks, capital goods, and realty stocks.
National Highways Authority of India Ltd. plans to raise funds through a private placement of tax-free bonds this week,three merchant bankers told Newsrise on Tuesday. The company will look to issue bonds with 10-year, 15-year and 20-year maturities and is likely to invite commitment bids on Wednesday.
After sharp cuts yesterday, the market has opened higher. The Sensex is up 148.78 points or 0.6 percent at 25845.22 and the Nifty is up 44.20 points or 0.6 percent at 7830.05. About 570 shares have advanced, 135 shares declined, and 34 shares are unchanged. Lupin, Axis Bank, ICICI Bank, Sun Pharma and Hindalco are top gainers in the Sensex.Among the losers are Hero, ONGC, Bajaj Auto, NTPC and Tata Motors.
The government last evening announced the waiver of imposition of a minimum alternative tax on foreign funds for the period prior to April 1, 2015. Finance Minister Arun Jaitley said the government had accepted the recommendations of a panel set up to examine the issue, and said he would make the change permanent through legislation in the next Parliament session.
Many affluent and retail traders have been caught on the wrong foot on their recent equity derivative bets. These market participants are staring at steep losses in their positions in bank index futures contracts following the slide in these shares in the last one month.
For many on Dalal Street, the words loss and risk have been forgotten concepts in the last one year or so. So, when high net-worth and retail traders took sizeable bullish bets on banks early in March.
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